Oil prices rise more than 4% on positive data from China
Oil prices rise more than 4% on positive data from China
Oil prices rose more than 4% on Wednesday, supported by a generally improved market on positive news from China, after three days of losses due to concerns about a weaking global economy.
At 1632 Gmt, Brent crude futures were up $2.53, or 4.3 percent, to $60.79 a barrel, while U.S. West Texas Intermediate (WTI) was up $2.42, or 4.5 percent, at $56.36.
West Texas is heading toward its largest daily percentage increase since July 10.
Stock indices around the world rebounded as geopolitical concerns receded and positive news from China prompted buyers to return to the stock market.
A special survey showed china's services sector grew at the fastest pace in three months in August as new orders grew, leading to the largest increase in employment in more than a year.
Oil prices rose more than 4% on Wednesday, supported by a generally improved market on positive news from China, after three days of losses due to concerns about a weaking global economy.
At 1632 Gmt, Brent crude futures were up $2.53, or 4.3 percent, to $60.79 a barrel, while U.S. West Texas Intermediate (WTI) was up $2.42, or 4.5 percent, at $56.36.
West Texas is heading toward its largest daily percentage increase since July 10.
Stock indices around the world rebounded as geopolitical concerns receded and positive news from China prompted buyers to return to the stock market.
A special survey showed china's services sector grew at the fastest pace in three months in August as new orders grew, leading to the largest increase in employment in more than a year.